Topics
modish
AI
Amazon
Image Credits:anon-tae / Getty Images
Apps
Biotech & Health
Climate
Image Credits:anon-tae / Getty Images
Cloud Computing
Commerce
Crypto
CEO and founder of Syfe Dhruv AroraImage Credits:Syfe
enterprisingness
EVs
Fintech
fund-raise
Gadgets
Gaming
Government & Policy
Hardware
layoff
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
Social
Space
Startups
TikTok
Transportation
speculation
More from TechCrunch
event
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
The Asia Pacific region has long been an crucial market for wealth management firms with the plethora of develop thriftiness and a burgeoning retail investment market . But there ’s still a vast grocery to capture : About 40 % to 45 % of personal fiscal plus in the region are held in immediate payment and deposits as of 2023 , concord toa report by McKinsey .
Singapore - based investment platformSyfehas been solve on making wealth direction more accessible in the region by extend a variety of investing products and options , all via a smartphone app . The fellowship has now raised a $ 27 million Series C round to offer more products and expedite its growing in Singapore , Hong Kong and Australia .
Syfe was launch in 2017 and launched its app in July 2019 , and has since accumulate over 100,000 users across more than 40 countries as it concentre on take a leak it gentle for retail investor to find and invest in products that are usually not available to them via banks or traditional investment program .
“ Many people had tried traditional wealthiness managers , but the advice they were being fall in was always limited to the investment products that initiation offered , ” Syfe chief executive officer and founding father Dhruv Arora said . “ Even if there were better products on the market , the riches manager could not offer them . On top of that , the fees of the traditional wealthiness managers are very high . ”
Syfe today offers everything from managed portfolios and fractional investment to cash management solutions and even a brokerage platform . The party also offers retail investor access to institutional products by partner with banks and investiture house like Blackrock , Pimco and Vanguard . It does not demand exploiter to have a minimum deposit or run into additional requirements to help these products . The company generates revenue from fee , Arora said .
That strategy seems to have worked : Syfe this year reached lucrativeness in its household market of Singapore , and Arora say its intermediate customer ’s assets on the platform have more than doubled since 2023 . allot to the companionship , its AUM is in the billions of U.S. dollars .
This Series C brings its full amount raised to $ 79 million and come roughly three yearsafter its $ 30 million Series B funding rung in 2021 . Two U.K.-based family line offices and returning investor , Valar Ventures and Unbound , enter in the Series C. The fellowship did not break its valuation .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
Arora antecedently worked as an investment funds banker at UBS in Hong Kong . After leave behind UBS , he led product development , growth and consumer services at Indian grocery delivery startup Grofers ( now Blinkit),which was acquired by Zomato for $ 570 million .
Other investiture apps in Southeast Asia includePintu , Ajaib , BibitandPluang — all based in Indonesia . Syfe is often compared with Singapore - basedEndowusandStashAway .
“ This funding will enable us to reach more customers and help them grow their wealth for a better future tense , ” Aurora said . “ Through increased investiture in development , we will bring even more innovative raw products to marketplace while continuously promote the Syfe drug user experience . We will also be assessing strategical investiture opportunities or accomplishment target area aligned with our foreign mission and growth objectives . ”
